It is somewhat of an inside joke that buying an REO (Bank Owned or Foreclosed Property) is a great investment. True in some cases, but Realtors sympathize with the plight of first-time homebuyers and the agents who assist them.If only the banks were just a little more human, life would be much easier. Investors with endless funds are far more likely to end up owning what seems like a bargain at the time, but more often that not can turn into a very deep money pit. The complicated process just adds to the frustration for the uninitiated,even with expert Realtor guidance.
This animated short "How to buy a bank-owned home" by Kris Berg, broker-owner San Diego Castles Realty, shows the pitfalls of what most people can expect when trying to negotiate a deal with lenders.
Kris used Xtranormal, a Web-based "text-to-movie" software to create this humorous look at dealing with banks when trying to buy a foreclosed property.